GMH Dissolves Panel Reviewing Sale Options

GMH Communities Trust, a real estate investment trust based in Newtown Square, Pa., has announced the dissolution of a special committee of its board that was reviewing a possible sale of the company and other strategic options.The board has decided to "fully commit" the company to the operation of its student and military housing segments, GMH reported. The company said it plans to reposition itself, citing initiatives to de-emphasize student housing acquisition in the short term and look for opportunities to sell, refinance, or incorporate student housing into joint ventures. An investigation by its Audit Committee earlier this year found evidence of material weaknesses in the company's internal controls and evidence that "key executives" placed pressure on the Accounting Department, GMH reported in July, adding that the probe found no evidence of pressure to falsify financial information. The REIT can be found online at http://www.gmhcommunities.com.